QKL Stores Posts Loss In Q4 - Quick Facts

QKL Stores Inc. (QKLS) reported fourth-quarter net loss of about $18.3 million or $0.60 per share versus profit of $2.4 million or $0.06 per share last year.

Adjusted net income for the quarter was $0.9 million, or $0.03 per share, lower than $2.4 million, or $0.06 per share, in the same quarter a year ago.

Revenue grew 20.9% to $103.7 million from $85.8 million in the previous year.

Revenue performance reflected the growth of 35 comparable stores, as well as sales from the opening of 19 new stores since October 1, 2010. Same-store sales were approximately $83.5 million, an increase of 9.2% from $76.5 million last year.

Looking ahead, Zhuangyi Wang, Chairman and CEO, said, "...As we advance into 2012, we plan to slow down the pace of our new store openings. Currently, we expect to open five new supermarket or hypermarket stores this year. We maintain confidence in our strategy of strengthening our store presence in Tier 4 & 5 cities in northeastern China as well as in our core region of operation around Daqing where the majority of our older stores are based."

Weinstein Co. said it has entered into a preliminary agreement for immediate capital infusion from Colony Capital, the global private equity arm of Colony NorthStar, Inc. In addition, Weinstein Co. has entered into a negotiating period with Colony Capital for a potential sale of all or a significant portion of its assets. Further details of the deal were not disclosed.

In the first such incident in Canada, a commercial airplane was struck by a drone last week, the government said Sunday. However, the aircraft was able to land safely. A plane operated by charter airline Skyjet was struck on one of its wings by a drone when it was approaching Quebec City's Jean Lesage International Airport last Thursday.

Ford Motor Co. said Friday that it will offer free repairs to North American owners of more than 1.4 million 2011-17 Explorer sports utility vehicles to reduce the potential for exhaust or carbon monoxide entering their vehicles. The recall involves about 1.3 million vehicles in the U.S., 84,000 in Canada and 24,000 in Mexico.